STRATEGIC PRIORITY: Economic Development
AGENDA DATE: September 25, 2024
COUNCIL DISTRICT(S): 1, 2, 4, 6, 7
DEPARTMENT: Office of Economic Development
EXECUTIVE: Robin Bentley
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SUBJECT
Title
Authorize the (1) annual transfer of funding (subject to current and annual appropriations) to the City's Department of Housing and Neighborhood Revitalization, over the term of each tax increment financing (TIF) district, to be deployed in the City's homeowner stabilization, home repair, and displacement mitigation programs from: the Oak Cliff Gateway TIF District Fund in an estimated amount of $10,507,096.00 (Net Present Value (NPV) not to exceed $2,958,168.00) to the Equity-TIF-OCGD (Oak Cliff Gateway District) Fund, from the Fort Worth Avenue TIF District Fund in an estimated amount of $16,070,868.00 (NPV not to exceed $6,315,196.00) to the Equity-TIF-FWAD (Fort Worth Avenue District) Fund, and from the Deep Ellum TIF District Fund in an estimated amount of $13,445,178.00 (NPV not to exceed $6,672,064.00) to the Equity-TIF-DED (Deep Ellum District) Fund; and (2) establishment of appropriations in an estimated amount of $10,507,096.00 (NPV not to exceed $2,958,168.00) in the Equity-TIF-OCGD Fund, in an estimated amount of $16,070,868.00 (NPV not to exceed $6,315,196.00) in the Equity-TIF-FWAD Fund, and in an estimated amount of $13,445,178.00 (NPV not to exceed $6,672,064.00) in the Equity-TIF-DED Fund - Not to exceed $40,023,142.00 - Financing: Equity-TIF-OCGD Fund ($10,507,096.00) (NPV not to exceed $2,958,168.00), Equity-TIF-FWAD Fund ($16,070,868.00) (NPV not to exceed $6,315,196.00), and Equity-TIF-DED Fund ($13,445,178.00) (NPV not to exceed $6,672,064.00)
Body
BACKGROUND
This City Council action authorizes the Chief Financial Officer to annually transfer a portion of tax increment funding from the Oak Cliff Gateway TIF District, Fort Worth Avenue TIF District, and Deep Ellum TIF District to th...
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